Gladstone Pacific Nickel Limited announced last week that it has received notice from QNI Resources Pty Ltd that QNI has now sent to each shareholder of GPNL the offer document and bidders statement in relation to the takeover offer by QNI for all the shares in GPNL that it does not already own which was announced on 12 August 2010.

The offer period begins today, 21st September 2010 and unless withdrawn or extended in accordance with the Corporations Act is open until 5:00 PM Sydney time on 25 October 2010.

The Board recommends that shareholders take no action in relation to the offer until such time as they have received the Company's response in its Target's Statement to be sent to shareholders no later than 6 October 2010. A copy of the Bidders Statement is available on the Company's website.

QNI is a wholly owned subsidiary of Mr Clive Palmer and owns 50.04% of the ordinary shares of the Company. Both QNI and Mr Palmer are considered related parties in accordance with the AIM rules for Companies.

QNI is offering GBP 0.14 cash per ordinary share which values the entire issued and paid up capital of the Company at GBP 9,930,998. The Bidder's Statement as supplied by QNI sets out the terms of the offer and other information about QNI and its intentions for the Company.

Gladstone Pacific Nickel Limited is an Australian mining development company presently undertaking an Integrated Definitive Feasibility Study for the Gladstone Nickel Project.